8 Do’s and Don’ts When Applying for a Mortgage Loan

Posted February 3rd, 2017

From the time you fill out an application until the time you sign the final documents for your mortgage loan, there is a lot of documenting and verifying of your financial information.

We want your experience to be a smooth one and for you to get into your new home as quickly as possible. Here are eight do’s and don’ts to help keep things moving in the right direction.

Do…

  1. be as honest and as accurate as you can be with your application.
  2. be prompt in answering any questions or providing requested paperwork to your lender.
  3. know there is a lot more verification required for a mortgage loan and therefore a longer process than other types of loans you may have had (i.e. car loan or personal loan)
  4. continue to pay your rent and/or existing mortgage (on time).
  5. continue to pay your monthly bills (on time).
  6. avoid making any large deposits or cross-account transfers into your account(s).
  7. let your loan officer know about any monetary gifts you expect to receive to help with the purchase of your new home.
  8. call your lender if you have any questions


Don’t…

  1. try to hide information such as lawsuits, layoffs, child support, collections, etc.
  2. apply for credit of any sort. This includes in-store financing for new furniture or carpet, credit cards, and auto loans.
  3. borrow funds or take any advances for loan closing.
  4. deposit large amounts of money (except payroll) or transfer any funds in any asset accounts.
  5. switch jobs.
  6. switch financial institutions.
  7. pay any charge off or collection accounts without first consulting your lender.
  8. open any new accounts of any sort, including cell phone accounts.